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SK Hynix Inc. is seeing overwhelming investor interest in its planned $28 billion U.S. listing, with demand reportedly exceeding the number of shares available by several times, according to a Bloomberg News report on Wednesday. The strong response highlights continued confidence in the South Korean memory chip giant, whose leadership in artificial intelligence (AI) memory technology has made it one of the semiconductor sector’s top performers.
Despite the upbeat fundraising outlook, SK Hynix shares slipped nearly 3% in Seoul trading, outperforming the broader KOSPI, which dropped more than 5%.
Bloomberg, citing people familiar with the matter, said the offering has attracted significant interest from global long-only investment funds and technology-focused investors ahead of pricing, which is expected on Thursday. The report added that roughly 1,000 institutional investors participated in the company’s management roadshow earlier this week.
The chipmaker launched the marketing of 177.9 million American depositary receipts (ADRs) on Monday. Based on Friday’s closing price in Seoul, the transaction is valued at around $28 billion, positioning it as the largest U.S. stock listing ever by a foreign company.
Each ADR represents one-tenth of a common share, with the sale accounting for approximately 2.5% of SK Hynix’s total market capitalization. The company’s valuation has surged more than threefold this year, driven by soaring demand for high-bandwidth memory (HBM) chips, a critical component powering AI servers and advanced AI applications.
The ADRs are expected to be priced on Thursday and begin trading on the Nasdaq Global Select Market on Friday. Bloomberg also noted that restrictions on converting Seoul-listed shares into ADRs could reduce arbitrage activity, potentially allowing the U.S.-listed shares to trade at a premium.
The landmark offering is being managed by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, reflecting the scale and global significance of the deal as investors continue to pour capital into leading AI semiconductor companies.
